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US trading platform Bakkt to acquire stake in Indian brokerage Transchem, offer access to global securities
Digital asset trading platform Bakkt, backed by the likes of Citadel and Vanguard, is acquiring a stake in Transchem, a listed Indian brokerage, as part of its wider strategy to build a presence in the Indian market.
The company is initially investing about $10 million, with the total deal size pegged at around $40 million.
Bakkt —launched by NYSE parent Intercontinental Exchange (ICE) in 2018 as a digital asset trading platform — is looking to offer regulated access to offshore and tokenised investment products for Indian users.
This could include exposure to global equities, tokenised investment structures and themes such as artificial intelligence, including products linked to OpenAI, Anthropic, and publicly traded stocks like Nvidia.
In a regulatory filing, Bakkt said that it has subscribed to Transchem's warrants worth approximately $10 million. “The warrants may be exercised by the company for shares in Transchem's common stock within 18 months of issuance in one or more tranches. The investment includes an option for the company to subscribe for additional warrants,” it said.
“Transchem has informed the company that it has identified a potential acquisition target in India engaged in stockbroking and registered with the Securities and Exchange Board of India (Sebi), as both a stockbroker and a depository participant,” Bakkt added.
The strategy mirrors Bakkt's approach in other markets where it partners with or acquires regulated financial intermediaries and layers digital asset infra on top. The company followed a similar playbook in Japan when it acquired Marusho Hotta, later rebranded as Bitcoin Japan.
Led by former SoftBank executive Akshay Naheta, Bakkt operates a platform that allows institutions, merchants, and consumers to buy, sell, store, and use digital assets. The firm offers SaaS (software-as-a-service) and API (application programming interface) infrastructure stacks for trading, custody, and tokenised products. It exited its loyalty business in September.
Naheta had founded a decentralised finance startup, Distributed Technologies Research (DTR), in 2023; in March this year that merged with Bakkt. Naheta was then named Bakkt's co-CEO alongside CEO Andy Main.
According to people in the know, Bakkt's broader thesis for India centres on stitching together licensed brokers, tokenisation infrastructure, global investment rails, and crypto-linked treasury and lending products to create a scalable, regulated, digital asset platform tailored for Indian savers seeking diversification beyond domestic markets.
The move comes as India's retail investor base expands, alongside rising interest in global equities, alternative assets, and digital investment products.
Under India's liberalised remittance scheme (LRS), residents can invest up to $2,50,000 annually in foreign property or securities.
Transchem, founded in 1976, was originally focused on manufacturing chemicals and pharmaceuticals before diversifying into mushroom processing. The company shifted strategic direction in October 2025, approving the acquisition of Greshma Shares & Stocks, a Sebi-registered broker, marking its entry into financial services.
Last week, Transchem's board approved a proposal to create, offer, and allot up to 6.15 crore warrants at an issue price of Rs 75 per, totalling Rs 461.25 crore. Bakkt emerged as the largest participant, subscribing to 4.75 crore warrants.
ICE currently holds a 32% stake in Bakkt. Other backers include Marshall Wace and BlackRock.
Source: EconomicTimes
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